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2019 (10) TMI 638 - HC - Income TaxMAT Provisions of section 115JB applicability - assessee whom the proviso to sub-section (2) of Section 211 of the Companies Act, 1956 applies i.e., company which is not required to prepare its profit and loss account in accordance with Part II and Part III of Schedule VI of the Companies Act, 1956 - HELD THAT:- The issue has already been decided by a Division Bench of this Court in Kerala State Electricity Board, Thiruvananthapuram v. Dy. Commissioner of Income Tax, Circle 1, Thiruvananthapuram [2010 (11) TMI 127 - KERALA HIGH COURT] after interpreting the provisions under Section 115JB, against the Revenue. The said decision has been re-iterated by a Division Bench of the Bombay High Court in The Commissioner of Income Tax-LTU, Commissioner of Income Tax (IT)-3 v. Union Bank of India and Others [2019 (5) TMI 355 - BOMBAY HIGH COURT] after referring to the decision in KSEB (supra) In the light of the aforesaid pronouncements by the Kerala High Court as well as the Bombay High Court, the question of law raised by the Revenue does not arise, which is answered against them
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